Forest City Wants Ballston Common Project on Fast Track

ARLINGTON, VA—Forest City Washington, bolstered by tenant interest in a redeveloped Ballston Common Mall, is requesting the Arlington County Board put the $300-million project on the fast track for approvals.

The developer is also reportedly looking to create a public-private partnership that would have an agreement in place by year's end that could include a direct investment by Arlington County in the project or perhaps tax-increment financing to leverage county funding already in place for streetscape improvements to portions of the public space around the mall, according to the Washington Business Journal. The developer is hoping to secure all necessary approvals by the end of this year so that construction on the project could proceed in 2016.

The redevelopment plan calls a mixed-use development with street and outward-facing shops and restaurants, a public plaza and a new retail platform topped with a 400-unit residential building. Forest City Vice President Will Voegele appeared before the Arlington County Board last week requesting the expedited review.

Marc McCauley, director of real estate development for Arlington Economic Development, says that Forest City Washington reported that potential tenants showed keen interest in the Ballston Common project at the International Council of Shopping Centers leasing conference in Las Vegas last month.

“After Las Vegas, we understand more now than ever about the importance about getting something done this year, so they can start thinking about their 2018 buys,” McCauley says. “There are a lot of great new projects surrounding us, in the District, Fairfax and Alexandria, and with these tenants, if you miss them, you miss them. They might not be looking next year.” See story in the Washington Business Journal.